Bachelor of Management Studies (B.M.S.) Employee Compensation and Benefits Syllabus - Mumbai University
This is the TY BMS syllabus under NEP 2020, in force from the academic year 2026-27, examined under form 2225161. The University still sets the earlier Choice Based papers alongside it — forms 2M00155 and 2M00156, whose documents are below — so check which scheme your exam form names before you revise.
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Syllabus for Employee Compensation and Benefits
MU prints the first of this subject’s four modules as "Module :" with no number, while numbering the other three. The heading and all of its teaching are the University’s own; only the number has been supplied, from MU’s own rule in this circular of one module per credit.
Module I: Compensation Plans and HR Professionals
- Meaning, Objectives of Compensation Plans, Role of HR Professionals in Compensation Plans, Types of Compensation: Financial and non-financial, Factors Influencing Compensation
- Compensation Tools: Job based and Skill based, Models: Distributive Justice Model and Labour Market Model, Dimensions of Compensation
- 3 Ps Compensation Concept, Benefits of Compensation: Personal, Health and Safety, Welfare, Social Security
- Pay Structure: Meaning, Features, Factors, Designing the Compensation System,
- Compensation Scenario in India
Module II: Incentives and Wages
- Incentive Plans – Meaning and Types: Piecework, Team, Incentives for Managers and Executives, Salespeople, Merit pay, Scanlon Pay, Profit Sharing Plan, ESOP, Gain Sharing, Earning at Risk plan, Technology and Incentives. Prerequisites of an Effective Incentive System
- Wage Differentials: Concepts, Factors contributing to Wage Differentials, Types of Wage Differentials, Importance of Wage Differentials, Elements of a Good Wage Plan.
- Theories of Wages: Subsistence Theory, Wage Fund Theory, Marginal Productivity
- Theory, Residual Claimant Theory, Bargaining Theory.
Module III: Compensation to Special Groups and Recent Trends
- Compensation for Special Groups: Team Based pay, Remunerating Professionals, Contract Employees, Corporate Directors, CEOs, Expatriates and Executives.
- Human Resource Accounting – Meaning, Features, Objectives and Methods
- Recent Trends: Golden Parachutes, e-Compensation, Salary Progression Curve, Competency and Skill based, Broad banding and New Pay, Cafeteria approach – Features, Advantages and Disadvantages
Module IV: Legal and Ethical issues in Compensation
- Legal Framework of Compensation in India: Wage Policy in India, Payment of Bonus Act 1965, Equal Remuneration Act 1976, Payment of Wages Act 1936, Payment of Gratuity Act 1972, Employee Compensation Act 1923, Employees Provident Funds and Miscellaneous Provision Act 1952.
- Pay Commissions, Wage Boards, Adjudication, Legal considerations, COBRA requirement, Pay Restructuring in Mergers and Acquisitions, Current Issues and Challenges in Compensation Management, Ethics in Compensation Management.
Reference Books
- 1 Gary Dessler, Biju Varkkey, Human Resource Management, Pearson, 12th edition
- 2 Mick Marchington and Adrian Wilkinson, Human Resource Management at Work – People Management and Development- IIIrd Edition,
- 3 Shashi K. Gupta, Rosy Joshi, Human Resource Management, Kalyani Publishers
- 4 Gary Dessler, Framework for HRM, 3rd Edition, Pearson Education
- 5 Ashwathappa, Human Resource Management
- 6 Luis.R.Gomez, David.B.Balkin, Robert. L. Cardy, Managing Human Resources – IVth Edition, (Eastern Economy Edition)
- 7 Milkovich, George T, Newman J.M, Compensation, Tata Mc Graw Hill.
- 8 Henderson, R.O, Compensation Management, Pearson Edition .
- 9 BD Singh, Compensation and Reward Management, Excel Books.
- 10 Karen Permant, Joe Knight, Financial Intelligence for HR Professionals
- 11 Sharma A.M, Understanding Wage system, Himalaya Publishing House, Mumbai.
- 12 Compensation Management – Milkovich & Newman, McGraw-Hill
- 13 Strategic Compensation – Joseph J. Martocchio, Pearson
- 14 Employee Benefits Design & Planning – Bashker D. Biswas, Wiley
Reproduced from the University of Mumbai syllabus for Bachelor of Management Studies (B.M.S.) under NEP 2020, in force from the academic year 2026-27. Wording is as printed in that syllabus. Module numbering is as printed there too.
The complete syllabus
This subject is cut from the University circular for its year. Open a document here if you want the whole thing rather than a single subject.